Kathmandu: The market leader in terms of first premium earning, among new life insurers, Union Life Insurance Company Limited is all set to issue IPO. It has approached to the Securities Board of Nepal(SEBON) seeking permission to issue IPO.
Union Life Insurance Company has sought permission from the board for the issuance of 6.45 million shares worth Rs. 645 million. After the issuance it’s capital will reach Rs. 2.15 billion. Currently, it has paid up capital of Rs.1.50 billion. Prabhu Capital is the IPO issuer and sales manager of the company.
The promoters behind Union Life Insurance are Golcha Organization, Shanker Group, Gadia Group, Neupane Group, Rajesh Hardware Group and Tibrewala Group. Similarly, Sanima Life Insurance Company Limited has also submitted an application to the Board for the issuance of 6 million IPOs worth Rs.600 millions. The current paid up capital is Rs. 1.40 billion. Sanima Life has been promoted by the Sanima Bank Limited and a group of NRN